substantiation
Most businesses incur travel, meal, gift, and listed property expenses in the ordinary course of business. The IRS requires documentation in order to substantiate that these expenses have a legitimate business purpose and if substantiation is not present the IRS may disallow the expense altogether.
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REDPATH INSIGHTS
- Does Your Manufacturing Business Need a CFO or a Controller?No matter the size of your manufacturing company, there's likely to come a time you'll wonder if you need more internal help with your finances. If you don't have one, you might consider hiring a chief financial officer (CFO) to help develop your finance team, work with your leadership team and add that โnext levelโ […]
- New Law Makes Big Changes to the Employee Retention CreditJanuary 7, 2021 โ Most of the excitement from the Consolidated Appropriations Act (CAA) came from clarity on the deductibility of PPP expenses and the additional stimulus checks. However, Congress also passed a very favorable extension and expansion of the Employee Retention Credit (ERC), as well as a key retroactive change.
- Do You Need an Outsourced Accounting Partner? โ RedpathSometimes, it's clear to business owners that they need accounting help. Maybe their accounting staff is overworked, deadlines are being missed, or opportunities are passing them by. But other times, business owners find themselves asking whether or not they should hire an outsourced accounting partner.